India A Technological Powerhouse: EU Chief On Launching Trade, Tech Body With India
Mumbai: India and the European Union (EU) have decided to launch a Trade and Technology Council to tackle challenges in trade, trusted technology and security.
This is the first time that India has agreed to set up such a Business and Technology Council with any of its partners. For the European Union, it is only the second body that has been established alongside the US.
The council was agreed to be launched in a meeting between Prime Minister Narendra Modi and European Commission President Ursula von der Leyen. The body will also deepen cooperation between the two sides on trade and technology.
“Both sides agreed that rapid changes in the geopolitical environment highlight the need for joint in-depth strategic engagement,” said a joint statement that announced the launch of the council.
The Business and Technology Council will provide the necessary framework for political decision-making, technical coordination and reporting at the political level to ensure implementation and follow-up in all areas that are critical to the sustainable progress of India. and European economies.
Celebrating the 60th anniversary of the establishment of diplomatic relations, the two sides expressed confidence that “the shared values and common interests of the EU and India provide a strong foundation for strengthening mutually beneficial and deepening strategic cooperation”.
The joint statement said that India and the European Union are also committed to enhancing joint efforts to address the current challenges and address the geopolitical situation.
“The establishment of the EU-India Business and Technology Council is an important step towards a stronger strategic partnership for the benefit of all peoples in the EU and India,” it said.
The move comes at a time when India and the European Union have revived engagement to negotiate agreements on trade, investment and geographical indications. Von der Leyen has emphasized the early conclusion of talks on all three agreements to finalize a comprehensive trade deal with India.
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